Financial planning may prevent issues leading to divorce

On behalf of Kris Greenwood of Kristopher K. Greenwood & Associates, LC posted in Divorce on Wednesday, August 16, 2017.

Marriage analysts have known for generations that money problems are the leading cause of disharmony in marriages. In fact, couples who struggle financially may find themselves arguing more until an impenetrable resentment gives them no choice but to divorce. An engaged Utah couple may feel it inappropriate to sully their romance with conversations about things as mundane as money, but marriage counselors believe there are certain financial facts every couple should know about each other before they take vows.

Debt can eat away at a marriage. If a couple joins in marriage without revealing their levels of debt to each other, there is certain to be conflict. Along with debt is one's credit score. Ignorance of these two facts may lead to frustration and disappointment if one partner's poor credit and debt load prevent them from purchasing a home or vehicle. Overwhelming debt, especially credit card debt, may be a sign that one's partner is a poor manager of money or compulsive spender.

It is important for couples to have a good understanding about how much money they have to work with, including the incomes of their partners. Before the wedding, making decisions about how they will handle money will allow couples the chance to have a plan in place when the real work of being married begins. They can decide how they will pay the bills, how they will manage their debt and how they will plan for the future.

Utah couples may find that this is a good time to consider a prenuptial agreement, especially if one partner has considerably more debt or wealth than the other. However, this is another subject engaged couples find it difficult to discuss. While some couples are able to struggle through their financial troubles and come out strong, many others decide that divorce is the only way to find relief from the constant frustration. Whether one is at the beginning or the end of a marriage, the advice of an attorney can be a valuable asset.

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